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Reservoir Media, Inc.（RSVR）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是Reservoir Media, Inc.的40.4倍（$1.8B vs $45.6M）。华纳音乐集团净利率更高（9.6% vs 4.8%，领先4.7%）。华纳音乐集团同比增速更快（10.4% vs 7.7%）。华纳音乐集团自由现金流更多（$420.0M vs $12.8M）。过去两年华纳音乐集团的营收复合增速更高（11.0% vs 7.9%）
Reservoir Media是全球领先的独立音乐版权管理企业，拥有并管理海量录音、音乐出版及邻接权版权库，合作各流派知名词曲作者、歌手与制作人，为流媒体平台、影视制作、广告、现场演出等场景提供版权授权服务，业务覆盖北美、欧洲、亚太等主要市场。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
RSVR vs WMG — 直观对比
营收规模更大
WMG
是对方的40.4倍
$45.6M
营收增速更快
WMG
高出2.7%
7.7%
净利率更高
WMG
高出4.7%
4.8%
自由现金流更多
WMG
多$407.2M
$12.8M
两年增速更快
WMG
近两年复合增速
7.9%
损益表 — Q3 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $45.6M | $1.8B |
| 净利润 | $2.2M | $176.0M |
| 毛利率 | 64.5% | 46.4% |
| 营业利润率 | 22.7% | 15.7% |
| 净利率 | 4.8% | 9.6% |
| 营收同比 | 7.7% | 10.4% |
| 净利润同比 | -58.1% | -25.4% |
| 每股收益（稀释后） | $0.03 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收RSVRWMG
| Q4 25 | $45.6M | $1.8B | ||
| Q3 25 | $45.4M | $1.9B | ||
| Q2 25 | $37.2M | $1.7B | ||
| Q1 25 | $41.4M | $1.5B | ||
| Q4 24 | $42.3M | $1.7B | ||
| Q3 24 | $40.7M | $1.6B | ||
| Q2 24 | $34.3M | $1.6B | ||
| Q1 24 | $39.1M | $1.5B |
净利润RSVRWMG
| Q4 25 | $2.2M | $176.0M | ||
| Q3 25 | $2.3M | $109.0M | ||
| Q2 25 | $-555.7K | $-16.0M | ||
| Q1 25 | $2.7M | $36.0M | ||
| Q4 24 | $5.2M | $236.0M | ||
| Q3 24 | $185.0K | $41.0M | ||
| Q2 24 | $-346.7K | $139.0M | ||
| Q1 24 | $2.8M | $96.0M |
毛利率RSVRWMG
| Q4 25 | 64.5% | 46.4% | ||
| Q3 25 | 63.6% | 44.6% | ||
| Q2 25 | 64.5% | 45.9% | ||
| Q1 25 | 65.6% | 46.7% | ||
| Q4 24 | 64.4% | 46.3% | ||
| Q3 24 | 63.5% | 47.6% | ||
| Q2 24 | 61.3% | 46.6% | ||
| Q1 24 | 63.4% | 47.1% |
营业利润率RSVRWMG
| Q4 25 | 22.7% | 15.7% | ||
| Q3 25 | 23.5% | 7.7% | ||
| Q2 25 | 14.7% | 10.0% | ||
| Q1 25 | 25.2% | 11.3% | ||
| Q4 24 | 22.6% | 12.8% | ||
| Q3 24 | 24.9% | 8.8% | ||
| Q2 24 | 14.5% | 13.3% | ||
| Q1 24 | 22.4% | 8.0% |
净利率RSVRWMG
| Q4 25 | 4.8% | 9.6% | ||
| Q3 25 | 5.0% | 5.8% | ||
| Q2 25 | -1.5% | -0.9% | ||
| Q1 25 | 6.4% | 2.4% | ||
| Q4 24 | 12.4% | 14.2% | ||
| Q3 24 | 0.5% | 2.5% | ||
| Q2 24 | -1.0% | 8.9% | ||
| Q1 24 | 7.1% | 6.4% |
每股收益（稀释后）RSVRWMG
| Q4 25 | $0.03 | — | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0.08 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-0.01 | — | ||
| Q1 24 | — | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $20.6M | $751.0M |
| 总债务越低越好 | — | $4.4B |
| 股东权益账面价值 | $373.6M | $720.0M |
| 总资产 | $941.9M | $10.0B |
| 负债/权益比越低杠杆越低 | — | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资RSVRWMG
| Q4 25 | $20.6M | $751.0M | ||
| Q3 25 | $27.9M | $532.0M | ||
| Q2 25 | $14.9M | $527.0M | ||
| Q1 25 | $21.4M | $637.0M | ||
| Q4 24 | $17.8M | $802.0M | ||
| Q3 24 | $21.1M | $694.0M | ||
| Q2 24 | $16.4M | $607.0M | ||
| Q1 24 | $18.1M | $587.0M |
总债务RSVRWMG
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益RSVRWMG
| Q4 25 | $373.6M | $720.0M | ||
| Q3 25 | $370.9M | $647.0M | ||
| Q2 25 | $368.9M | $589.0M | ||
| Q1 25 | $364.9M | $567.0M | ||
| Q4 24 | $359.5M | $545.0M | ||
| Q3 24 | $357.9M | $518.0M | ||
| Q2 24 | $353.0M | $483.0M | ||
| Q1 24 | $353.0M | $433.0M |
总资产RSVRWMG
| Q4 25 | $941.9M | $10.0B | ||
| Q3 25 | $903.5M | $9.8B | ||
| Q2 25 | $857.0M | $9.8B | ||
| Q1 25 | $865.1M | $9.6B | ||
| Q4 24 | $832.4M | $9.1B | ||
| Q3 24 | $778.2M | $9.2B | ||
| Q2 24 | $768.2M | $8.8B | ||
| Q1 24 | $783.5M | $8.7B |
负债/权益比RSVRWMG
| Q4 25 | — | 6.07× | ||
| Q3 25 | — | 6.75× | ||
| Q2 25 | — | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | — | 8.24× | ||
| Q1 24 | — | 9.20× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $12.9M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $12.8M | $420.0M |
| 自由现金流率自由现金流/营收 | 28.1% | 22.8% |
| 资本支出强度资本支出/营收 | 0.3% | 1.1% |
| 现金转化率经营现金流/净利润 | 5.89× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $50.1M | $663.0M |
8季度趋势，按日历期对齐
经营现金流RSVRWMG
| Q4 25 | $12.9M | $440.0M | ||
| Q3 25 | $19.3M | $231.0M | ||
| Q2 25 | $6.0M | $46.0M | ||
| Q1 25 | $12.2M | $69.0M | ||
| Q4 24 | $11.2M | $332.0M | ||
| Q3 24 | $13.3M | $304.0M | ||
| Q2 24 | $8.6M | $188.0M | ||
| Q1 24 | $13.8M | $-31.0M |
自由现金流RSVRWMG
| Q4 25 | $12.8M | $420.0M | ||
| Q3 25 | $19.2M | $203.0M | ||
| Q2 25 | $6.0M | $7.0M | ||
| Q1 25 | $12.2M | $33.0M | ||
| Q4 24 | $11.2M | $296.0M | ||
| Q3 24 | $13.3M | $271.0M | ||
| Q2 24 | $8.5M | $160.0M | ||
| Q1 24 | $13.8M | $-57.0M |
自由现金流率RSVRWMG
| Q4 25 | 28.1% | 22.8% | ||
| Q3 25 | 42.2% | 10.9% | ||
| Q2 25 | 16.1% | 0.4% | ||
| Q1 25 | 29.3% | 2.2% | ||
| Q4 24 | 26.5% | 17.8% | ||
| Q3 24 | 32.7% | 16.6% | ||
| Q2 24 | 24.9% | 10.3% | ||
| Q1 24 | 35.2% | -3.8% |
资本支出强度RSVRWMG
| Q4 25 | 0.3% | 1.1% | ||
| Q3 25 | 0.3% | 1.5% | ||
| Q2 25 | 0.1% | 2.3% | ||
| Q1 25 | 0.1% | 2.4% | ||
| Q4 24 | 0.0% | 2.2% | ||
| Q3 24 | 0.1% | 2.0% | ||
| Q2 24 | 0.1% | 1.8% | ||
| Q1 24 | 0.0% | 1.7% |
现金转化率RSVRWMG
| Q4 25 | 5.89× | 2.50× | ||
| Q3 25 | 8.54× | 2.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | 4.56× | 1.92× | ||
| Q4 24 | 2.14× | 1.41× | ||
| Q3 24 | 71.97× | 7.41× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | 4.93× | -0.32× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
RSVR
| Other | $18.9M | 42% |
| Recorded Music Segment | $12.9M | 28% |
| Performance | $6.2M | 14% |
| Synchronization | $4.6M | 10% |
| Physical | $1.9M | 4% |
| Neighboring Rights | $1.1M | 3% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
